Do the data-driven era miss a good exit?

people crossing in crosswalk

According to headlines, martech represents technical sophistication, touting thousands of companies fueled by delicious features like artificial intelligence, virtuelle realität, personalization and more. Yet, a recent research found that what marketers really would like is more, high-quality demographic data. I can’ capital t help but think, did the particular data-driven era miss an quit?

The modern marketer may use thousands of pieces of consumer information — demographics, purchases, hobbies, social exercise, geolocation etc . — but many marketing and advertising efforts are still based on the same simple demographics of age, gender and revenue. The status quo may be considered the easier, a lot more risk-averse route. But if we remain in autopilot, marketers will slowly get rid of speed, falling behind for failing to embrace new technology in the nature of innovation.

Period for an oil change of our state of mind

First of all, I don’ t propose we do away with market data, as it is incredibly powerful. However it only represents a sliver from the information available about a person. In addition, the accuracy of demographic information is currently in question, and the price of its poor quality can add up for marketers.

If a marketer over-relies on just a few demographic data points when identifying an audience, accuracy of those particular data points is mission important. But with a more comprehensive approach to determining an audience, where thousands of information points are considered, no single data stage is at risk of toppling the particular operation.

No junkers, no hidden gems

There are hundreds of data aggregators within the martech ecosystem, specializing in CPG, behavior, online, offline data and more, and a lot of claim theirs is higher quality compared to others. These claims should create marketers wary. For example , I recently go through an article claiming online purchase information is the ideal source of truth because it’ s tied to a tangible deal. But for a retailer that really wants to drive new, incremental purchases, a good advertisement targeted to someone who already purchased is not ideal. In this instance, the quality of the particular behavioral data is a moot stage because it doesn’ t align with all the retailer’ s objectives. Further, whenever marketers have thousands of data factors at their disposal, it seems risky to put a lot weight into a single point.

Get into gear

Many times marketers question accuracy and high quality before knowing what they want to achieve. Consider, for example , a TV manufacturer that will wants to find new customers. Using current online purchases, even if the data is definitely 100 percent accurate, won’ t discover many new customers. Would an viewers of men that’ s 100 % accurate fair much better? Or a good audience of people who live in just a 5-mile radius of an electronics shop?

Accuracy is important. Yet an audience with perfect precision that isn’ t tied to advertising campaign objectives won’ t drive functionality.

What if, instead, the maker considered past purchases as one bit of the puzzle — a way to team its valuable customers. Then it can consider the thousands of additional data factors available about those customers to get the commonalities that comprehensively represent the perfect customer. This audience mitigates the danger that a single data point’ s i9000 accuracy will negate performance, looks at all relevant data points, plus bases the audience on the objective of driving purchases.

Who’ s behind the wheel

With the right data aligned in order to strategies and in concert with company outcomes, marketers don’ t need to live in fear that inaccurate information will derail campaigns.

When it comes to performance, it’ s not merely about data accuracy, but understanding, recency, longevity, frequency, scalability and much more. Once marketers are able to consider all the data at their disposal, the martech market can get back on track to the location that the data-driven era promised, one particular where data drives smarter, one-to-one decisions that improve efficiency plus results.

This particular story first appeared on MarTech These days. For more on marketing technology, click here.


Views expressed in this article are those of the visitor author and not necessarily Marketing Property. Staff authors are listed here .


About The Author

David Dowhan is founder plus CEO of TruSignal, a predictive analytics and big data organization. TruSignal is expert at making use of offline data and predictive rating marketing to fuel digital promotions, partnering with data providers, mass media companies, DSPs and digital market hubs to help power their customized, people-based lookalikes, consumer insight dashes, and bid-price optimization strategies.

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